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Bank of Maharashtra closes 51 branches

Bank of Maharashtra has closed some 51 branches as part of cost-cutting measures. The bank said all these branches were in urban areas and were identified non-viable and had incurred huge losses. These branches would be merged with neighboring branches. The bank has some 1900 branches across the country. The IFSC code and MICR codes of these branches have also been cancelled and all the savings, current and other bank accounts have been transferred to the branches with which they have been merged. Customers have been directed to deposit their cheque books issued from the closed branches with the old IFSC/MICR Codes and collect their payment instruments bearing the new branch’s IFCS/MICR codes.

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